FDUSD Becomes Second Native Stablecoin on Sui
Sui, the Layer 1 blockchain renowned for its unparalleled performance and limitless horizontal scaling, has officially integrated FDUSD, the stablecoin developed by First Digital Labs, one of the largest in the world. This marks a significant milestone as FDUSD goes live on the Sui network. In recent months, FDUSD has emerged as the second multi-billion dollar market cap stablecoin to integrate seamlessly with Sui. This move solidifies FDUSDs status as a versatile and interoperable stablecoin and bolsters Suis rapidly growing DeFi ecosystem, which boasts a total value locked (TVL) exceeding $1.5 billion.
This integration enhances FDUSDs multi-chain capabilities by incorporating Sui, resulting in a truly interoperable stablecoin that can propel DeFi applications across many platforms. Utilizing Suis robust network and advanced architecture, FDUSD unlocks innovative use cases that significantly boost speed and efficiency in data transfers and various on-chain operations. Moreover, the incorporation of protocols like NAVI and Cetus, alongside Suis native liquidity layer, DeepBook, is set to propel the creation of innovative applications, significantly enhancing FDUSDs functionality within the DeFi ecosystem.
We are thrilled to launch FDUSD on Sui and look forward to the new possibilities this integration brings, said Vincent Chok, Founder and CEO of First Digital. By leveraging Suis unique object-centric design, FDUSD gains access to ultra-fast transaction speeds, low fees, and unmatched scalability. Todays deployment augments FDUSDs multi-chain compatibility and strengthens on-chain liquidity in what is already a thriving DeFi ecosystem, paving the way for even more innovation on Sui.
Suis DeFi ecosystem continues to surge, recently surpassing $1 billion in TVL and consistently ranking among the top networks in transaction volume, said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. The addition of FDUSD, one of the industrys leading stablecoins, will further accelerate this growth, unlocking new and impactful use cases for both users and developers across the ecosystem.
Suis blockchain, engineered for unmatched scalability and composability, is a prime foundation for stablecoins such as FDUSD, which are entirely backed by cash and cash equivalents. The networks object-centric architecture, driven by the Move programming language, facilitates parallel transaction execution and enhances composability, equipping developers with the essential tools to create robust decentralized applications (dApps) that optimize efficiency.
Read more: https://zycrypto.com/fdusd-becomes-second-native-stablecoin-on-sui/
Text source: ZyCrypto
